Ex sec dg gwarzo other arraigned granted bail over alleged n12 8m contract scam

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Ex-Sec DG Gwarzo and others arraigned, granted bail over alleged N12.8m contract scam

A former Director-General of the Securities and Exchange Commission (SEC), Mounir Gwarzo, and three others have been arraigned before a Federal High Court in Abuja over an alleged N12.8 million contract scam.

The accused persons, including Gwarzo, a former Executive Commissioner, SEC, Ibrahim Boyi, a former Director, SEC, and two others, were arraigned on a 10-count charge of conspiracy, fraud, and money laundering.

The prosecution alleged that the accused persons conspired to award a contract worth N12.8 million to a company, without following due process, and that they used the contract to siphon public funds.

The accused persons pleaded not guilty to the charges, and their lawyers applied for bail. The court granted them bail in the sum of N50 million each, with two sureties each.

The case has been adjourned to March 15 for further hearing.

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